Modelos baseados em agentes aplicados à dinâmica de preços do mercado imobiliário

Um dos aspectos regulatórios fundamentais para o mercado imobiliário no Brasil são os limites para obtenção de financiamento no Sistema Financeiro de Habitação. Esses limites podem ser definidos de forma a aumentar ou reduzir a oferta de crédito neste mercado, alterando o comportamento dos seus agentes e, com isso, o preço de mercado dos imóveis. Neste trabalho, propomos um modelo de formação de preços no mercado imobiliário brasileiro com base no comportamento dos agentes que o compõem. Os agentes vendedores têm comportamento heterogêneo e são influenciados pela demanda histórica, enquanto que os agentes compradores têm o seu comportamento determinado pela disponibilidade de crédito. Esta disponibilidade de crédito, por sua vez, é definida pelos limites para concessão de financiamento no Sistema Financeiro de Habitação. Verificamos que o processo markoviano que descreve preço de mercado converge para um sistema dinâmico determinístico quando o número de agentes aumenta, e analisamos o comportamento deste sistema dinâmico. Mostramos qual é a família de variáveis aleatórias que representa o comportamento dos agentes vendedores de forma que o sistema apresente um preço de equilíbrio não trivial, condizente com a realidade. Verificamos ainda que o preço de equilíbrio depende não só das regras de concessão de financiamento no Sistema Financeiro de Habitação, como também do preço de reserva dos compradores e da memória e da sensibilidade dos vendedores a alterações na demanda. A memória e a sensibilidade dos vendedores podem levar a oscilações de preços acima ou abaixo do preço de equilíbrio (típicas de processos de formação de bolhas); ou até mesmo a uma bifurcação de Neimark-Sacker, quando o sistema apresenta dinâmica oscilatória estável.

The Limits of Marijuana Legalization in the States

Although some ingenious solutions have been proposed to the problems posed by Section 280E pf the federal tax code, the situation remains untenable. The only solution to this current conundrum is a change in federal law; so long as marijuana remains illegal under the Controlled Substances Act, state marijuana policy will inevitably be frustrated. This brief response to an article by Professor Leff identifies some of these frustrations and proposes a few modest federal solutions

Illinois Phosphorus Effluent Limits: Minimizing the Impacts Through the Use of Non-point Controls at the Springbrook Water Reclamation Center in Naperville, Illinois

Phosphorus pollution is a major concern in Illinois. Excessive amounts of phosphorus can be detrimental to water bodies. To help control phosphorus, the Illinois Pollution Control Board has proposed phosphorus limits on wastewater treatment facility discharges. If enacted, these limits will have negative impacts on the Springbrook Water Reclamation Center in Naperville, Illinois. To minimize these impacts, Naperville can utilize various non-point controls recommended in this paper to decrease the amount of phosphorus entering into the DuPage River and the Springbrook Water Reclamation Center. While these controls will not reduce levels low enough to totally satisfy limits on phosphorus discharges, they will significantly reduce the treatment costs Naperville will need to expend to meet them and be more environmentally effective.

The assignment of credit through bills of exchange and transmission documents in Andalusi Law

The exchange traffic was a practice that suited the modus vivendi of caravanners and traders in the Islamic world. The inclusion of the Iberian.Peninsula into the most important commercial routes of Muslims – such as the silk route through the North Africa – provides a very solid reason to deepen in the study of the sources that have been preserved about the role that certain credit instruments, which represented an alternative to the coin, might have played in trade centres.

Analysis of the colorimetric properties of goniochromatic colors using the MacAdam limits under different light sources

Technological innovation in all areas has led to the appearance in recent years of new metallic and pearlescent materials, yet no exhaustive studies have been conducted to assess their colorimetric capabilities. The chromatic variability of these special-effect pigments may largely be due to the three-dimensional effect of their curved shapes and orientations when they are directionally or diffusely illuminated. Our study examines goniochromatic colors using the optimal colors (MacAdam limits) associated with normal colors (photometric scale of relative spectral reflectance from 0 to 1) under certain conventional illuminants and other light sources. From a database of 91 metallic and interference samples and using a multi-gonio-spectrophotometer, we analyzed samples with lightness values of more than 100 and others with lightness values of less than 100, but with higher chromaticities than optimal colors, which places them beyond the MacAdam limits. Our study thus demonstrates the existence of chromatic perceptions beyond the normal solid color associated with these materials and independent of the light source. The challenge for future research, therefore, is to replicate and render these color appearances in current and future color reproduction technologies for computer graphics.

Number of discernible colors for color-deficient observers estimated from the MacAdam limits

We estimated the number of colors perceived by color normal and color-deficient observers when looking at the theoretic limits of object-color stimuli. These limits, the optimal color stimuli, were computed for a color normal observer and CIE standard illuminant D65, and the resultant colors were expressed in the CIELAB and DIN99d color spaces. The corresponding color volumes for abnormal color vision were computed using models simulating for normal trichromatic observers the appearance for dichromats and anomalous trichomats. The number of colors perceived in each case was then computed from the color volumes enclosed by the optimal colors also known as MacAdam limits. It was estimated that dichromats perceive less than 1% of the colors perceived by normal trichromats and that anomalous trichromats perceive 50%–60% for anomalies in the medium-wavelength-sensitive and 60%–70% for anomalies in the long-wavelength-sensitive cones. Complementary estimates obtained similarly for the spectral locus of monochromatic stimuli suggest less impairment for color-deficient observers, a fact that is explained by the two-dimensional nature of the locus.

A quantitative assessment of students’ experiences of studying music: a Spanish perspective on the European credit transfer system (ECTS)

The purpose of this investigation is to evaluate whether or not the allocation of time proposed in the Music Study Guide, adapted from the European Higher Education Area (EHEA) guidelines, is consistent and adequate for students with minimal musical knowledge. The report takes into account the importance of students’ previous knowledge and the relation this has to the time and effort expended by students in acquiring appropriate knowledge and skills. This is related also to the adequacy of the course specification to meet the demands of university study and the labour market. Results show that those students who enrolled at university without any previous musical knowledge are likely to experience significant difficulty in the acquisition of certain musical and professional competences. This highlights a need to reinforce the music curriculum, or establish zero-level courses, in order to enable such students to succeed in the subject.

Performance limits of graphene-ribbon field-effect transistors

The performance of field effect transistors based on an single graphene ribbon with a constriction and a single back gate are studied with the help of atomistic models. It is shown how this scheme, unlike that of traditional carbon-nanotube-based transistors, reduces the importance of the specifics of the chemical bonding to the metallic electrodes in favor of the carbon-based part of device. The ultimate performance limits are here studied for various constriction and metal-ribbon contact models. In particular, we show that, even for poorly contacting metals, properly tailored constrictions can give promising values for both the on conductance and the subthreshold swing.

Resolution limits to object tracking with subpixel accuracy

Subpixel methods increase the accuracy and efficiency of image detectors, processing units, and algorithms and provide very cost-effective systems for object tracking. Published methods achieve resolution increases up to three orders of magnitude. In this Letter, we demonstrate that this limit can be theoretically improved by several orders of magnitude, permitting micropixel and submicropixel accuracies. The necessary condition for movement detection is that one single pixel changes its status. We show that an appropriate target design increases the probability of a pixel change for arbitrarily small shifts, thus increasing the detection accuracy of a tracking system. The proposal does not impose severe restriction on the target nor on the sensor, thus allowing easy experimental implementation.

A highly resistive layer within the crust of X-ray pulsars limits their spin periods

The lack of isolated X-ray pulsars with spin periods longer than 12 s raises the question of where the population of evolved high-magnetic-field neutron stars has gone. Unlike canonical radiopulsars, X-ray pulsars are not subject to physical limits to the emission mechanism nor observational biases against the detection of sources with longer periods. Here we show that a highly resistive layer in the innermost part of the crust of neutron stars naturally limits the spin period to a maximum value of about 10–20 s. This highly resistive layer is expected if the inner crust is amorphous and heterogeneous in nuclear charge, possibly owing to the existence of a nuclear ‘pasta’ phase. Our findings suggest that the maximum period of isolated X-ray pulsars may be the first observational evidence for an amorphous inner crust, whose properties can be further constrained by future X-ray timing missions combined with more detailed models.

Software for "Realistic limits for subpixel movement detection"

Object tracking with subpixel accuracy is of fundamental importance in many fields since it provides optimal performance at relatively low-cost. Although there are many theoretical proposals that lead to resolution increments of several orders of magnitude, in practice, this resolution is limited by the imaging systems. In this paper we propose and demonstrate through numerical models a realistic limit for subpixel accuracy. The final result is that maximum achievable resolution enhancement is connected with the dynamic range of the image, i.e. the detection limit is 1/2^(nr.bits). Results here presented may help to proper design of superresolution experiments in microscopy, surveillance, defense and other fields.

Realistic limits for subpixel movement detection

Object tracking with subpixel accuracy is of fundamental importance in many fields since it provides optimal performance at relatively low cost. Although there are many theoretical proposals that lead to resolution increments of several orders of magnitude, in practice this resolution is limited by the imaging systems. In this paper we propose and demonstrate through simple numerical models a realistic limit for subpixel accuracy. The final result is that maximum achievable resolution enhancement is connected with the dynamic range of the image, i.e., the detection limit is 1/2∧(nr.bits). The results here presented may aid in proper design of superresolution experiments in microscopy, surveillance, defense, and other fields.

An act for granting to His Majesty the sum of fifty-five thousand pounds, and for striking the same in bills of credit, in the manner herein after directed..., 1764

Contains an act for collection of taxes to pay the debt by establishing a set fee of fifteen shillings per head and household.

Can Europe recover without credit? Bruegel Policy Contribution 2013/03, 15 February 2013

• Data from 135 countries covering five decades suggests that creditless recoveries, in which the stock of real credit does not return to the pre-crisis level for three years after the GDP trough, are not rare and are characterised by remarkable real GDP growth rates: 4.7 percent per year in middle-income countries and 3.2 percent per year in high-income countries. • However, the implications of these historical episodes for the current European situation are limited, for two main reasons: • First, creditless recoveries are much less common in high-income countries, than in low-income countries which are financially undeveloped. European economies heavily depend on bank loans and research suggests that loan supply played a major role in the recent weak credit performance of Europe. There are reasons to believe that, despite various efforts, normal lending has not yet been restored.Limited loan supply could be disruptive for the European economic recovery andthere has been only a minor substitution of bank loans with debt securities. • Second, creditless recoveries were associated with significant real exchange rate depreciation, which has hardly occurred so far in most of Europe. This stylised fact suggests that it might be difficult to re-establish economic growth in the absence of sizeable real exchange rate depreciation, if credit growth does not return.